4 Reasons Roofers Insurance is a Must When Working in the US
If you’re looking to run a professional, profitable, and well-appraised roofing company in the US, there are some ground rules you have to follow. One of the most important rules is purchasing the proper type of roofers insurance for the jobs your company will be handling. This protects you, your employees, the properties you’re working on, and more. There are four key reasons roofers insurance is a must, no matter where you’re working in the US:
1. Accident Coverage is Essential
Costs related to injuries or property damage are covered by some liability insurance plans, such as general liability insurance and other accident coverage policies. If an accident during a roofing job results in property damage or personal injury, general liability insurance will pay the claims from third parties, and keep your roofing operation legally protected. The defense costs and medical expenses related to such an accident should all be covered under this type of plan. For example, if a work vehicle used by a roofing contractor is involved in an accident that results in personal injury, property damage, or the vehicle itself, the necessity for auto insurance is waived (covering medical expenses and repair fees). Employees who suffer injuries as a result of workplace accidents are covered by workers’ compensation, which is typically a key part of accident coverage plans. Additionally, it compensates any lost pay due to a worker’s illness or injury. Having quality insurance for roofers is a non-negotiable part of running a legitimate and successful roofing repair and installation operation, after all.
2. Gaining Property and Equipment Protection
Commercial property and equipment insurance pays for repairs, replacements, and other related expenses resulting from harm done to company property, including tools and equipment. When natural disasters like fire breakouts cause damage to commercial property, the contractor is responsible for paying for repairs and debris disposal. This is covered by commercial property insurance, ensuring that the company won’t have to shut down as a result of unfavorable circumstances. The equipment coverage enables the replacement of lost or damaged items as well as their repair without incurring additional costs. These are the reasons why having the appropriate roofing policy coverage is crucial for every professional roofing operation in the US. You want to do everything in your power to protect the beauty of your client’s homes as you perform your roofing tasks.
3. Preventing Bankruptcy from Unexpected Legal Costs
Any business that lacks adequate insurance is subject to penalties from authorized organizations (such as the Occupational Safety and Health Administration). As a result, every roofer (throughout almost every state in the US) is required to have the necessary roofing insurance, and businesses should also have a company owner’s coverage to safeguard their operations. Being listed as an additional insured on a company’s business owner’s policy is insufficient. Alongside these requirements, each independent contractor that’s working for your operation is required to maintain insurance coverage that offers the highest protection and shields their companies from risk exposure. To fully safeguard your company, you may occasionally need to purchase supplementary insurance. To make sure that you acquire the policy that best meets your company’s needs, it is recommended to draw on the experience of insurance professionals when making any policy purchases. By having these important layers of legal and financial protection, you can avoid bankruptcy and unexpected legal costs much more easily.
4. Adding an Extra Level of Professionalism to Your Operation
In most states across the US, a business owner needs to obtain the appropriate licenses and insurance coverage plans before they can operate. This is especially true for dangerous professions, such as roofing. Most states often require workers’ compensation insurance in addition to general liability insurance for this reason. Having these plans for your company is evidence that the company, homeowners, and staff are secure from potential dangers. Customers are attracted to the professionalism of such organizations, which can increase contract wins. Having the necessary license on hand is another indication of legitimacy that enables customers to have faith in the company’s effectiveness in providing essential services. If you want to attract top roofing talent to your roofing operation, you’ll need this extra level of professionalism and insurance benefits. Otherwise, other roofing companies may quickly poach the talent that you’ve been working on wooing.
Roofing is Dangerous Work
Roofing is an incredibly important profession. That being said, the job is known for being dangerous. For this reason, having quality insurance to protect yourself and your employees becomes that much more essential. With the right insurance protecting you, you can focus on building your company’s reputation and landing those hefty contracts that you’ve been keeping your eye on in 2023.